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Unfortunately there are many, most of the times, unclear ways in how factor companies charge for their services. Besides so called start-up fees, subscription fees, and fees per submitted invoice, some factors do a recalculation based on the actual payment term after an invoice is paid by the debtor. This doesn’t only mean these factors have to hold back a depot-amount when buying invoices, it also means clients are in dark about the actual costs beforehand.

Therefore Finqle decided to take a different approach and go for a simple and transparant business model, where we only charge a factorfee. This fee is communicated before we buy your invoice. Below you’ll find a comparison between the different models.

The Finqle Model

Your invoice incl. VAT: € 1.000,00
Factor fee (4%): € 40,00
VAT over fee (21%): € 8,40
Pay out within 24 hours € 951,60
VAT reclaim: € 8,40
Actual costs (€ 40,00 / € 1.000,00): 4%

In all examples we assume a payment term of 30 days, with a factor fee of 4%, where the debtor actually pays in 37 days.

As you can see, in this example, a factor fee of 4% actually means a factor fee of 4% at Finqle. We do not apply an additional charge for late payments and there are no fixed costs involved Our factor fee is based on the payment term and creditworthiness of your client and varies between 1% adn 6%

Example of a competitor applying a 'fee per submitted invoice'

In all examples we assume a payment term of 30 days, with a factor fee of 4%, where the debtor actually pays in 37 days.

In this example, by simply adding € 10,00 per submitted invoice, the effective factor fee increased by 25% (5% vs. 4%).

Your invoice incl. VAT: € 1.000,00
Factor fee (4%): € 40,00
Cost per submitted invoice: € 10,00
VAT over fees (21%): € 10,50
Pay out € 939,50
VAT reclaim: € 10,50
Actual costs ((€ 40,00 + € 10,00) / € 1.000,00): 5%

Example of a competitor using recalculation after payment

Your invoice incl. VAT: € 1.000,00
Depot amount held back for recalculation: € 100,00
Factor fee (4%): € 36,00
VAT over fees (21%): € 7,56
Pay out € 856,44
Recalculation charge for late payment (7 days = 1,4%): € 12,60
VAT over recalculations fee: € 2,65
VAT reclaim: € 10,12
Actual costs ((€ 36,00 + € 12,60) / € 900,00): 5.4%

In all examples we assume a payment term of 30 days, with a factor fee of 4%, where the debtor actually pays in 37 days.

In reality, debtors never stick to exactly the payment term. An invoice needs to booked into their systems, there are weekends, a credit invoice is required, etc. In other words: there are a million reasons why invoices are not paid within the payment term. And the reality reflexes this. On average a good invoice is paid 5 – 7 days to late.

We gaan in dit voorbeeld uit van een betaaltermijn van 30 dagen, met een factorfee van 4%, waarbij de debiteur de factuur na 37 dagen betaalt. Het depot bedraagt 10% met een naheffing van 0,2% per dag te laat betaald. Using a recalculation means you never know beforehand how much you’ll pay for the factoring services.

Conclusion and comparison

Besides variable costs for buying and processing your invoice, some factors even charge fixed costs like start-up costs and subscription fees. Finqle ONLY charges the factor fee. We do not charge start-up fees, subscription fees, recalculation fees, etc.

Pay out into your account
Finqle model € 951,60
Competitor with ‘fee per submitted invoice’ € 939,50
Competitor with ‘recalculation fees’ € 856,44
Effective factor fee
Finqle model 4,0%
Competitor with ‘fee per submitted invoice’ 5,0%
Competitor with ‘recalculation fees’ 5,4%